Are You Dealing with Phantom Agents?
By Roberta Murphy, Carlsbad Real Estate and Homes
(San Diego Previews Real Estate)
I’ll never understand the process by which lenders choose to list their San Diego REO’s and foreclosures. Many are represented by professional real estate agents; but more and more, it seems these REO’s (bank-owned properties) are administered by absentee agents who rarely respond to phone calls or emails. Should we be looking for some logic in the lender’s decisions to list with these phantoms? There again, these may be the same investors who lent mortgage funds to ghosts in the first place. They loaned million$ to phantom borrowers who said they earned $20,000 a week as a gardner or insurance salesman– or whatever suited their imaginations. Their homes, haunted by unsustainable debt and a plummeting real estate market, floated back to the lenders…who then turned to phantom agents to...
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